Blockchain is a concept that has had a lot of notoriety in the world of technology in recent times. Blockchain is a revolutionary technology that affects the economy and affects many areas of everyday life. It could be said that the blockchain is a kind of “great ledger” in which all the records (called blocks) are intertwined and encrypted to protect the privacy and security of all the transactions that are carried out through it. In other words, it is a distributed and secure database, thanks to the encryption that can be applied to all operations, which are not necessarily economic, for example, smart contracts, public administration in general, and the use of the Internet of things (network of physical objects, vehicles, and machines that connect to the Internet and exchange data).

The most important requirement that a chain of blocks must have is the existence of several nodes or users, who are in charge of verifying the transactions to give it validity, in such a way that the block corresponding to that transaction is registered in that “account book” or “large accounting book.”

How does this blockchain work?

The blockchain allows digital data transfers, using sophisticated encryption that provides a high-security level in operations, which works as a kind of “seat book” or digital events. In addition to that, it has a special characteristic … that transactions do not require a centralized intermediary to identify and certify the information, since it is distributed in different nodes independent of each other, which record and validate the activity, without the need for there is dependence or relationship between them.

Once the information is entered, it can no longer be deleted. The system will only allow “new records” to be added. Such activity will not be legalized unless the majority of operators agree to approve it.

Blockchain is not only cryptocurrencies

It is important to note that the blockchain is limited to the creation or management of cryptocurrencies. Still, it can encompass different processes such as smart contracts, conflict moderation, resource management, logistics, application development, or any project/process that requires transparency and decentralization.

Blockchain in national economies

Although some different companies and countries have various projects and initiatives, when it comes to blockchain, China is currently the country that leads the development of the blockchain, mainly because it is the first economy to commit to blockchain technology. As a national strategy. It can be seen that the biggest barrier to the adoption of the blockchain at the national level is that its projects for national use go through agreements between industries and government entities at the national level. Hence, China can easily implement internal blockchain systems, such as those used by Alibaba, in tracking charitable investments within the Alipay system.

What do you think about this topic? Did you know that they were really the blocks of the blockchain?

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